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       T R O U B L E D   C O M P A N Y   R E P O R T E R

                 L A T I N   A M E R I C A

          Wednesday, June 8, 2022, Vol. 23, No. 108

                           Headlines



A R G E N T I N A

YPF SA: S&P Affirms 'CCC+' Issuer Credit Rating, Outlook Stable


B A H A M A S

FIDELITY BANK: Bank CEO Challenges PM Over $80MM Revenue Loss


B R A Z I L

EMBRAER SA: Sees Revenue at Target After Pandemic Recovery


C H I L E

INVERSIONES LATIN: Moody's Puts Ba1 Rating on Sec. Notes on Review


C O S T A   R I C A

INVESTMENT ENERGY: S&P Affirms 'BB-' ICR, Outlook Stable


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Fuels Remain Unchanged During May 28-June 3


E L   S A L V A D O R

BANCO AGRICOLA: S&P Affirms 'B-/B' Issuer Credit Ratings


J A M A I C A

JAMAICA: Small Increase in Remittances in April


M E X I C O

CREDITO REAL: S&P Lowers $230MM Sub. Perpetual Notes to 'D'


P U E R T O   R I C O

MOVIMIENTO PENTECOSTAL: Exclusivity Period Extended to June 16


S T .   L U C I A

ST. LUCIA: Economic Growth Projected to Recover by 2024, IMF Says

                           - - - - -


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A R G E N T I N A
=================

YPF SA: S&P Affirms 'CCC+' Issuer Credit Rating, Outlook Stable
---------------------------------------------------------------
S&P Global Ratings affirmed its 'CCC+' ratings on Argentine
integrated oil and gas producer YPF S.A.

S&P also revised upwards YPF's stand-alone credit profile (SACP) to
'b' from 'b-', although its 'CCC+' transfer and convertibility
assessment (T&C) of Argentina continues to limit the ratings on
YPF.

The outlook is stable, mirroring the outlook on the sovereign.

The company plans to keep increasing unconventional production to
meet 100% of its refineries' demands by the end of 2023. Currently,
YPF buys 20% of its refineries' crude oil needs, some 50,000
boe/day.

YPF revenue continues to grow and the refinery capacity utilization
is approaching 90%, the same level during the period of strong
demand (2015-2017). The company's P1 reserves increased 24% year
over year, while the reserve replacement ratio improved to 2.3x in
2021, after years of barely matching 1x (with the exception of 2020
during which the ratio was less than 0.2x).

Production growth and price increases would more than compensate
for the company's slightly rising investments. YPF is deleveraging
because it paid down most of its trade financing.

The first portion of the pipeline [Tratayen-Saliquelo] will be
finished by late 2023 and would increase transport capacity by 23
MMm3/day, more than half of YPF's daily production. The second
phase would add some 20MM3/day, although completion is less visible
at this moment. The greater transport capacity would allow YPF and
other producers to increase their natural gas volumes, given that
the country's limited transport capacity from the state of Neuquen
to the main grid is the biggest growth constraint.

This is because of YPF's strong cash position and given that the
company has relatively good access to domestic capital markets for
amounts of up to $1 billion per year, while its borrowings from
domestic banks are very low.

Nevertheless, YPF's foreign debt payments of about $600 million in
2023 and 2024 include a portion of the 2026 export-backed
securities, which will be paid off through an offshore reserve
account funded with exports. Therefore, the company's need to
access the official foreign currency market is manageable, at least
through 2024.

The plaintiffs claim more than $15 billion in damages in connection
with Argentina's expropriation of Repsol's stake in YPF. S&P
believes any financial settlement arising from that action (if
applicable) would be at Argentina's level and not the company.

ESG credit indicators: E-4, S-3, G-3

S&P said, "Environmental factors are a negative consideration in
our credit rating analysis of YPF. As an integrated oil and gas
company, YPF is exposed to substantial energy transition risks,
along with those of waste disposal and oil spills. YPF's increasing
focus on shale oil and gas, which involves onshore fracking, has
elevated waste and pollution risks. However, its status as a
national oil company reduces the urgency to transition towards more
sustainable energy forms, compared with publicly owned entities.
Also, the lawsuit against the company over its sale of Maxus Energy
Corp. weighs on our assessment. However, an unfavorable ruling and
financial penalties are at this point rather distant.

"Social factors are a moderately negative consideration because the
Argentine government has imposed price controls in times of high
oil prices and has supported the industry by setting floor prices.
We consider any form of government interference in price dynamics
as harmful, and the risks stems from a social discomfort over free
market prices in the country.

"Governance factors are also a moderately negative consideration,
mainly due to YPF's operations in Argentina, where the legal and
regulatory frameworks are, in our opinion, weak. Moreover, the
country's fragile external situation has forced companies to
restructure debts, as was the case for YPF in early 2021."




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B A H A M A S
=============

FIDELITY BANK: Bank CEO Challenges PM Over $80MM Revenue Loss
-------------------------------------------------------------
RJR News reports that the Chief Executive Officer of Fidelity Bank
in the Bahamas has challenged an assertion by Prime Minister Philip
Davis that the Government lost $80 million in revenues through the
banking sector's 2018 tax structure change to meet the European
Union's (EU) demands.

Gowon Bowe told Tribune Business that the prime minister appeared
to have been inaccurately informed about the revenue impact from
switching to the present fee-based system, according to RJR News.

Mr. Bowe says his institution's financial statements show it has
paid more to the Government every year since the change, the report
relays.

Prime Minister Davis has announced the Government's intention to
return to the previous Business Licence fee which he says will not
undermine commitments to the EU, the report notes.

But Mr. Bowe has warned the country could suffer serious
reputational damage, the report adds.




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B R A Z I L
===========

EMBRAER SA: Sees Revenue at Target After Pandemic Recovery
----------------------------------------------------------
Gabriel Araujo at Reuters reports that Brazil's Embraer SA has
already won enough orders to meet the top end of its targeted
revenue range for the current financial year, the planemaker said
as it sees a bounce from a COVID-19 related downturn.

As reported in the Troubled Company Reporter-Latin America,
Egan-Jones Ratings Company maintained its 'B' foreign currency and
local currency senior unsecured ratings on debt issued by Embraer
SA on January 24, 2022.




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C H I L E
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INVERSIONES LATIN: Moody's Puts Ba1 Rating on Sec. Notes on Review
------------------------------------------------------------------
Moody's Investors Service has placed on review for downgrade the
Ba1 rating assigned to the $404 million Senior Secured Notes issued
by Inversiones Latin America Power Limitada (ILAP) with final
maturity in 2033 ("Notes").

On Review for downgrade

Issuer: Inversiones Latin America Power Limitada

Senior Secured Regular Bond/Debenture, Placed on Review for
Downgrade, currently Ba1

Outlook Actions:

Issuer: Inversiones Latin America Power Limitada

Outlook, Changed To Rating Under Review From Stable

RATINGS RATIONALE/ FACTORS THAT COULD LEAD TO AN UPGRADE OR
DOWNGRADE OF THE RATING

The rating action reflects the project's weaker than anticipated
cash flow generation amid unfavorable business dynamics for power
generators in Chile, leading to a higher dependence on external
liquidity sources to meet its upcoming interest and legal
amortization payments due in July 2022.

During the last 12 months, the project's cash generation has been
negatively impacted by a severe drought season that led to subdued
hydro power generation in Chile. The dispatch from thermal power
plants combined with new and existing wind and solar plants
compensated this shortfall. Nonetheless, the unexpected change in
the country's energy generation mix and its higher reliance on
imported and more expensive commodities caused both congestion in
transmission lines and volatility in intraday spot prices. Adding
to these pressures was the closing of certain coal fired plants, as
per Chile's ambitious decarbonization goals, which resulted in
increased demand for natural gas imports at a time when
international commodity prices escalated with the disruption to the
global energy market caused by Russia's invasion of Ukraine.

These unfavorable developments have translated into higher than
anticipated decoupling costs for ILAP, with the injection spot
prices at the connection node inferior to withdrawal spot prices at
the node of delivery. In 2021, ILAP reported an average decoupling
cost of $15.3 per MWh, and this cost increased to $24.6 in the
first quarter of 2022, leading the EBITDA margin to fall to 46.7%
and 57%, respectively. Moody's initial projection considered EBITDA
margin of 61% in the same period.

Moody's acknowledges that the operating availability of ILAP's wind
farms (Totoral and San Juan) remained adequate through March 2022,
with power generation that exceeds the rating base case assumptions
at a P(90) scenario. However, numbers published by the national
regulatory agency suggest higher spot price volatility through
April 2022, leading to persistent high operating costs pressures
for ILAP through the second quarter. That said, reservoir levels
have improved substantially on the back of accumulated rainfalls as
of April 2022, signaling potential better business dynamics in the
second half of this year. In addition to the accumulation of the
water reserve in the dams, Chile's grid operator (CEN), requested
an extension of the planned decommissioning of coal-based facility
Bocamina II (350MW) adding more flexibility to the system during
the winter, the most critical months of the year, when thermal
power demand is higher and hydro production is seasonally lower.

As of March 2022, ILAP reported $6.4 million in cash and cash
equivalents. The interest payable and legal amortization payment
due in July 2022 amount to $15.0 million. In case the accumulated
cash generation during the second quarter is not enough to meet
these payments, ILAP counts on a committed and unconditional letter
of credit facility of $16.5 million for debt service and another
$4.5 million to cover for O&M expenses, provided by Citibank N.A.
(Aa3 stable). However, drawings under these facilities would put
additional pressure on ILAP's future cash balances to accommodate
additional debt and interest repayment ahead of the legal
amortization payments due in January 2023, in the amount of $14.6
million. Alternatively, management said is negotiating a capital
injection from the project sponsors to support any shortfall on the
upcoming debt payments.

The current review will focus on the prospective improvement on the
issuer's liquidity position to consistently meet future debt
service payments on the outstanding Notes. The review will also
consider ongoing developments in Chile's energy market and ILAP's
ability to quickly reinstate its potential cash generation to
withstand a prolonged period of unfavorable business dynamics, such
that its credit metrics remain well positioned for the rating
category, on a sustainable basis.

Should the company receive a further equity injection sufficient to
improve its liquidity position and maintain an average DSCR of 1.4x
for the life of the Notes and a debt to EBITDA ratio below 9.0
times, the ratings could be affirmed at the current level. Moody's
perception of further constraints on the project's cash flow
generation or deterioration in its liquidity profile will likely
lead to a multi-notch downward revision of the rating commensurate
with a higher probability of default expectation.

ILAP is a subsidiary of Latin America Power S.A., owned by BTG
Pactual Brazil Infrastructure Fund II (45.85%), Patria Investments
(45.85%), and GMR Holding B.V. (8.30%). ILAP owns 100% of the
ownership interest in two wind power generation assets in Chile,
"San Juan" and "Totoral", which have achieved full commercial
operating date on March 2017 and January 2010, respectively, and
have a combined installed capacity of 239.2 megawatt ("MW") North
of Santiago.

The principal methodology used in this rating was Power Generation
Projects Methodology published in January 2022.



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C O S T A   R I C A
===================

INVESTMENT ENERGY: S&P Affirms 'BB-' ICR, Outlook Stable
--------------------------------------------------------
S&P Global Ratings affirmed its 'BB-' issuer-level rating on
Investment Energy Resources Ltd. (IERL) with a stable outlook. S&P
also affirmed the 'BB-' issue-level rating on the company's
international bonds.

The stable outlook reflects S&P's expectation of stable cash
generation in the next 12 months, which should translate into gross
debt to EBITDA of 4.5x-5.0x and funds from operations (FFO) to
gross debt of 12%-15%.

The rating affirmation reflects S&P's expectation that IERL will
continue generating relatively predictable cash flows thanks to its
long-term and dollar-denominated power purchase agreements (PPAs).
That, combined with low maintenance capital expenditures (capex),
manageable debt servicing needs, and discretionary dividends will
allow the company to keep gross debt to EBITDA in the 4.5x-5.0x
range and funds from operations (FFO) to gross debt at 12%-15% in
the coming years, aligned with our assessment of an aggressive
financial risk profile.

S&P does expect delays from Empresa Nacional de Energía Electrica
(ENEE), Honduras' state-owned electrical utility, will result in
higher working capital needs in 2022. However, it still views the
liquidity position as adequate because of the following factors:

-- Stable capex requirements of up to $10 million in the next 12
months and smooth debt service with $30 million of principal coming
due;

-- A comfortable cash position of roughly $124 million as of March
31, 2022; and

-- Ability to lower dividends because they're discretionary.

The payment delays from ENEE are attributable to the difficult
financial situation of Honduras' energy sector due to high energy
losses and delinquency rates, which the government is trying to
address with an energy reform in the country, which includes
bilateral negotiations of PPAs with private generators. This is
still ongoing, and we're monitoring how it will affect IERL's PPAs
in Honduras and the company's credit metrics. As a mitigating
factor, IERL benefits from insurance that covers breach of
contracts and expropriation in Honduras, provided by Multilateral
Investment Guarantee Agency (MIGA), which S&P believes it would use
only as a last resort.

IERL's term loan agreement includes maintenance financial covenants
measured by gross debt to EBITDA of up to 5.25x in 2022, 5.20x in
2023, 5.15x in 2024, 5.0x in 2025, 4.8x in 2026, and 4.65x in 2027.
If IERL breaches them, it would trigger an event of default. S&P
said, "We're amending the covenant calculation methodology because
in our last report, published on June 18, 2021, we stated that the
covenants were calculated on a net debt basis. Although we forecast
tight covenant headroom of about 10% in the next couple of years
--considering IERL's gradual deleveraging following the scheduled
amortization of the term loan, and while the covenant's threshold
narrows--we don't expect the company to breach them."

IERL's business risk profile reflects its smaller scale than that
of peers and its exposure to high country risk in Central America,
especially Guatemala (foreign currency: BB-/Positive/B), Honduras
(BB-/Stable/B), Costa Rica (B/Stable/B), and Nicaragua
(B-/Stable/B). These factors partly offset the attractive terms of
IERL's dollar-denominated contracts, which have an average
remaining term of about 13 years. Although there's some
concentration among its off-takers, which are some of the largest
electricity distributors in Central America, they're required to
buy almost all the energy that IERL's assets generate, in line with
the PPA terms.

S&P said, "We also consider the company's good diversification by
asset type and its favorable location. IERL has 818.5 megawatts
(MW) of installed capacity through 11 assets in six jurisdictions,
and 40% of its installed capacity is hydro, 39% is wind, and 21% is
solar. In our view, this allows for more stable cash flows, because
hydro and wind generation typically show historically negative
correlation. Also, the location of its assets allows IERL to post
net capacity factors of 40%-43%. We view these factors, along with
the company's relatively new and efficient asset base, as rating
strengths because they allow IERL to post EBITDA margins in the
55%-60% range, which are higher and more stable than the regional
peers' margins of 40%-50%."

ESG credit indicators: E-1, S-3, G-3

S&P said, "Environmental factors are a positive consideration in
our credit rating analysis of IERL, which operates exclusively in
renewable generation. The company plays an essential role in
countries that are promoting the transition to unconventional
renewables to replace existing carbon-based technologies. We
believe that the company is diversified in terms of asset type (40%
of EBITDA comes from hydro run-off river dams, 40% from wind
assets, and 20% from solar farms), supporting stable cash flows."

Social and governance factors are moderately negative
considerations due to IERL's exposure to high-risk jurisdictions,
such as Guatemala and Honduras, given their weak institutional
frameworks and problems related to income inequality. Nevertheless,
these risks are partly offset by IERL's expertise in developing
renewable energy in Central America and its ability to deal with
several regulatory authorities.




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D O M I N I C A N   R E P U B L I C
===================================

DOMINICAN REPUBLIC: Fuels Remain Unchanged During May 28-June 3
---------------------------------------------------------------
Dominican Today reports that for the week from May 28 to June 3,
the Ministry of Industry, Commerce, and MiPymes ordered, for three
consecutive weeks, to maintain the same prices for all fuels sold
in the country.

According to Industry and Commerce, the Dominican government
maintains its fuel subsidy plan with more than RD$1,063 million,
preventing gasoline, gas, and diesel from increasing up to 80
pesos, the report notes.

In this sense, premium gasoline will continue to be sold at
RD$293.60 per gallon and regular gasoline at RD$274.50, according
to Dominican Today.

Regular diesel will maintain a price of RD$221.60 per gallon, the
optimum of RD$241.10 per gallon, avtur RD$298.91 per gallon,
kerosene RD$338.10 per gallon, the report notes.

Likewise, fuel oil #6 will continue to be sold at RD$192.11 per
gallon; fuel oil 1%S will be at RD$211.77 per gallon, the report
relays.

Liquefied Petroleum Gas (LPG) continues at RD$147.60 per gallon,
and Natural Gas at RD$28.97 per m3 maintains its price, the report
notes.

The weekly average exchange rate is RD$55.35 from the Central
Bank's daily publications, the report adds.

                About Dominican Republic

The Dominican Republic is a Caribbean nation that shares the island
of Hispaniola with Haiti to the west. Capital city Santo Domingo
has Spanish landmarks like the Gothic Catedral Primada de America
dating back 5 centuries in its Zona Colonial district. Luis Rodolfo
Abinader Corona is the current president of the nation.

TCRLA reported in April 2019 that the Dominican Today related that
Juan Del Rosario of the UASD Economic Faculty cited a current
economic slowdown for the Dominican Republic and cautioned that if
the trend continues, growth would reach only 4% by 2023. Mr. Del
Rosario said that if that happens, "we'll face difficulties in
meeting international commitments."

An ongoing concern in the Dominican Republic is the inability of
participants in the electricity sector to establish financial
viability for the system.

Fitch Ratings, in December 2021, revised the Outlook on Dominican
Republic's Long-Term Foreign-Currency Issuer Default Rating (IDR)
to Stable from Negative and affirmed the IDRs at 'BB-'.  The
revision of the Outlook to Stable reflects the narrowing of
Dominican Republic's government deficit and financing needs since
Fitch's last review resulting in the stabilization of the
government debt/GDP ratio, as well as the investment-driven
economic momentum, reflected in the faster-than-expected economic
recovery in 2021 that Fitch expects to carry into above-potential
GDP growth during 2022 and 2023.

Standard & Poor's, also in December 2021, revised its outlook on
the Dominican Republic to stable from negative.  S&P also affirmed
its 'BB-' long-term foreign and local currency sovereign credit
ratings and its 'B' short-term sovereign credit ratings.  The
stable outlook reflects S&P's expectation of continued favorable
GDP growth and policy continuity over the next 12 to 18 months that
will likely stabilize the government's debt burden, despite lack of
progress with broader tax reforms, S&P said.  A rapid economic
recovery from the downturn because of the pandemic should mitigate
external and fiscal risks.

Moody's affirmed the Dominican Republic's long-term issuer and
senior unsecured ratings at Ba3 and maintained the stable outlook
in March 2021.




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E L   S A L V A D O R
=====================

BANCO AGRICOLA: S&P Affirms 'B-/B' Issuer Credit Ratings
--------------------------------------------------------
S&P Global Ratings affirmed its 'B-' long- and 'B' short-term
issuer credit ratings on Banco Agricola S.A. The outlook remains
negative. The bank's stand-alone credit profile (SACP) remains
unchanged at 'bb-'.

S&P said, "In our view, the government's worsening creditworthiness
will bring more risks for banks operating in El Salvador in terms
of industry risk. We expect increasing political uncertainty to
hamper investor confidence--to the detriment of the economy, local
financial and nonfinancial companies, and households--and to damage
domestic banks' access to wholesale financing and increase their
funding costs. Moreover, under the current difficult economic
conditions in El Salvador and considering its current
vulnerabilities, private investment and consumption could weaken.
This scenario could impair local banks' liquidity because deposits
could shrink. Therefore, we view systemwide funding in El Salvador
as extremely high risk.

"In our view, these risks could exacerbate challenges for the
banking regulator, requiring the latter to develop more
sophisticated tools to ensure that banks proactively manage these
risks. Additionally, the adoption of bitcoin as a legal tender in
the country could come with greater scrutiny and operating costs
for the banking industry. In this regard, monitoring compliance and
controls associated with "Know Your Customer" and
anti-money-laundering guidelines are likely to represent additional
operating costs, which could dent the banking system's already
modest profitability. In our view, industry stability could
diminish if regulation and controls aren't robust enough to prevent
tax evasion and money laundering or to mitigate the banking
system's contingent risk related to cybersecurity and bitcoin
market volatility. Finally, a drop in profitability due to lower
fees and commissions and higher operating costs could also
undermine the industry's stability. Nevertheless, although banks
have adopted bitcoin as a medium of exchange, they've sought to
avoid exposure to the cryptocurrency on their balance sheets.

"In our opinion, banks in El Salvador operate under challenging
economic conditions that could be exacerbated by the weakening
creditworthiness of the sovereign but also by the worsening global
economic conditions. These circumstances could hurt private
investment and consumption (so far supported by remittances) and
derail the economy from its recovery. Therefore, we think it will
be a challenge for domestic banks to navigate this adverse
scenario--with moderate GDP growth in a low-income economy--while
preserving adequate asset quality and limiting credit losses amid
moderate credit demand." The negative economic risk trend reflects
the one-in-three likelihood that the country's economic
vulnerabilities could result in higher economic imbalances and
result in weaker asset quality and higher credit losses for banks.

Banco Agricola S.A.

S&P said, "We also affirmed the ratings on El Salvador-based
commercial bank Banco Agricola--which we rate above the sovereign
credit rating--given that in our opinion it isn't vulnerable or
dependent upon favorable business, financial, and economic
conditions to meet its financial commitments in the next 12
months.

"Our ratings on Banco Agricola continue to reflect our expectations
that it will maintain its resilience and business stability despite
the economic woes in El Salvador. The bank's resilience has
supported its leading market position in El Salvador and its
adequate business stability, along with its well-diversified
business profile. However, we project that the ongoing economic
stress could pressure Banco Agricola's profitability, and
consequently its risk-adjusted capital (RAC) ratio, which we
estimate at 6.0% for the next 12-24 months. The ratings also
incorporate the bank's manageable delinquencies and credit losses
despite the adverse market and economic conditions in El Salvador.
Finally, we also capture the benefits from the bank's large and
diversified retail deposit base that supports its funding profile
amid the challenging economic conditions. In our opinion, liquid
securities and low short-term debt obligations provide the bank
with enough liquidity to cover expected and unexpected cash
disbursements in the next 12 months."

ESG credit indicators: E-2, S-2, G-2




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J A M A I C A
=============

JAMAICA: Small Increase in Remittances in April
-----------------------------------------------
RJR News reports that there was a very slight uptick in remittances
to Jamaica in April.

Net inflows amounted to US$271.6 million, which was 0.3% higher
than during the corresponding period last year, according to RJR
News.

The US remained the main remittance source market, accounting for
71 per cent of  inflows, the report notes.

Total remittances since the start of  the year have been estimated
at US$993.6 million, the report relays.

That was 1.9%lower than the corresponding period in 2021, the
report discloses.

Meanwhile, the Bank of  Jamaica is not expecting a major decline in
remittances, despite global tensions and rising inflation in larger
economies, the report says.

Deputy Governor at the BoJ Natalie Haynes has observed that this is
similar to the trend during the height of the pandemic, the report
adds.

As reported in the Troubled Company Reporter-Latin America in March
2022, Fitch Ratings has affirmed Jamaica's Long-Term Foreign
Currency Issuer Default Rating (IDR) at 'B+'. The Rating Outlook is
Stable.




===========
M E X I C O
===========

CREDITO REAL: S&P Lowers $230MM Sub. Perpetual Notes to 'D'
-----------------------------------------------------------
S&P Global Ratings lowered its issue-level rating on Credito Real
S.A.B. de C.V. SOFOM E.N.R.'s $230 million subordinated perpetual
notes to 'D' from 'C' and subsequently withdrew the rating. The
rating action reflects the deferral of the May 31, 2022 coupon
payment related to the hybrid instrument as confirmed by the issuer
and its expectation that the company will not be able to honor this
coupon payment.

As Credito Real announced this February, the lender is in the
middle of a legal and financial restructure in which it's seeking
strategic alternatives to try to strengthen its balance sheet.
Nonetheless, S&P doesn't know the terms and timing of a potential
restructuring.

S&P said, "In addition, we withdrew our ratings on Credito Real.
The withdrawal includes the 'SD' issuer credit rating on Credito
Real and all the issue-level ratings on its senior and subordinated
bonds. We're withdrawing our ratings because we have not received
critical information from the company needed to keep our credit
analysis up to date. Specifically, we have no information regarding
Credito Real's audited financial statements for the fiscal year
ending 2021, its financial results as of the first quarter 2022,
and its strategy to pay upcoming debt service payments.

"As a result, we are unable to analyze the most recent credit
standing of Credito Real, especially its ability and willingness to
face its upcoming debt market maturities. As such, we have
determined in accordance with our methodologies and policies that
we lack sufficient information to comply with our information
quality and reliability standards, which we require to maintain our
ratings on issuers."

Environmental, social, and governance (ESG) credit factors for this
change in credit rating/outlook and/or Creditwatch status:

-- Governance – Transparency and reporting

S&P views Credito Real's lack of timely and sufficient information
as an elevated transparency and reporting governance risk within
its environmental, social, and governance factors.




=====================
P U E R T O   R I C O
=====================

MOVIMIENTO PENTECOSTAL: Exclusivity Period Extended to June 16
--------------------------------------------------------------
Movimiento Pentecostal Apostolico Cristiano Incorporado obtained an
order from the U.S. Bankruptcy Court for the District of Puerto
Rico extending to June 16 its exclusivity period to file a small
business plan and disclosure statement.

                   About Movimiento Pentecostal

Movimiento Pentecostal Apostolico Cristiano, Incorporado filed a
petition for Chapter 11 protection (Bankr. D.P.R. Case No.
21-02645) on Sept. 1, 2021, listing as much as $500,000 in both
assets and liabilities.

Judge Mildred Caban Flores oversees the case. The Debtor tapped
Almeida & Davila, P.S.C. and Tamarez CPA, LLC as legal counsel and
accountant, respectively.




=================
S T .   L U C I A
=================

ST. LUCIA: Economic Growth Projected to Recover by 2024, IMF Says
-----------------------------------------------------------------
RJR News reports that the International Monetary Fund (IMF) says
economic growth in St. Lucia is projected to recover to the pre
COVID-19 pandemic level by 2024 as tourism improves, but thereafter
growth is expected to decline gradually to 1.5 per cent.

An IMF mission ended a two-week visit to the island for the annual
Article IV consultation discussions on economic developments and
macroeconomic policies, according to RJR News.

Regarding economic policies, the IMF said, in the near-term, the
government should pursue fiscal policies to relieve the social
hardship from the rise in inflation, the report relays.



                           *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C.,
USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T.
Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A.
Chapman, Editors.

Copyright 2022.  All rights reserved.  ISSN 1529-2746.

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The TCR Latin America subscription rate is US$775 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
contact Peter A. Chapman at 215-945-7000.
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